Rapido became a unicorn company after WestBridge led the round. The company deals in providing transportation services at a cheaper price than normal. WestBridge led the round by a $120 million valuation. The company currently raised $180 million in its series D round. Other famous companies like TVS Motor Company, Shell Ventures, and Nexus Ventures also become a part of the investment. Following are details about the company’s recent funding.
How Did Rapido Become A Unicorn Company?
Rapido becomes a unicorn company after raising its Series E funding. It raised the company’s net worth to $1 Billion. The company’s previous round was for $180 million. There are 10 equity shares for the series E round. It will include 95,479 Series E and 95,489 Series E1 CCPS shares. These refer to compulsory convertible preferred shares. These preferred shares are for Rs. 52,467 per share. It is for consideration of Rs. 1,002 crores or $120 million.
The company was at a valuation of $830 Million after its previous round. However, it is now at a valuation of $1 billion. The company’s total funding is $329 million. The company not only contribute to making it a billion-dollar company. It also contributed to helping the company reach a billion-dollar net worth. WestBridge invests in Capital via Setu AIF Trust, Konark Trust, and MMPL Trust. Its valuation turns above 1 billion dollars after the new series funding.
Rapido started by providing a ride for Rs. 5 per km. It further increased to Rs. 10 per km. People know it for creating trust and safety. A lot of people use it because of its bike or two-wheeler vehicles. The funding will help the company to further increase its level. The company will use its money for the further expansion. Currently, it is in most of Tier 1 and Tier 2 cities. However, it is still working to reach all cities of the country.
Rapido is now also among the biggest companies providing two-wheeler transportation services. In conclusion, Rapido raised $120 Million from WestBridge. Before raising the series, the company had a valuation of $830 million. With the current investment of $120 million, WestBridge becomes the largest stakeholder in the company. Swiggy was the previous investor in the firm. The company is also going to launch its IPO soon.
If we talk about the financials of the company, the revenue saw a surge of 3 times. However, the company had a loss of 54% in the financial year 2023-24. Rapido’s founders showed gratitude after entering the unicorn club. Stay tuned for more information.